31.
10.18
06:47

EU wheat at 6-week low

A solid US dollar and negative claims from the soybean and corn complex caused wheat prices in Chicago to close down sharply yesterday. Institutional investors sold about 7,000 lots of CBoT SRW wheat. This morning, the courses in electronic night trading continue to ease slightly.
The December 18 wheat futures on the Euronext in Paris fell again yesterday the psychologically significant 200-euro mark. The losses were even limited by the weaker euro against the US dollar. We reached a 6-week low yesterday. The EU exporters had hoped that Russia would sell out soon. But that is not yet the case - maybe only in two months. Wheat exports to other EU countries are already 24% behind the already modest previous year. However, analysts assume that soon more EU and US wheat will be used in international tenders. In France, market sentiment was burdened by rains reaching drought-ridden wheat-growing regions. Now there are the best conditions for sowing for the 2019 harvest.

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